Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:

Retained earnings balance at the beginning of the year	$ 328,000
Cash dividends declared for the year	73,750
Proceeds from the sale of equipment	126,800
Gain on the sale of equipment	7,350
Cash dividends payable at the beginning of the year	32,450
Cash dividends payable at the end of the year	39,500
Net income for the year	162,250

The amount of cash paid for dividends was:

$88,500.

$66,700.

$90,300.

$73,750.

$71,950.